HYCM Review
- Licensed and regulated by FCA, CySEC and SFC.
- 3 account options with a low $100 minimum deposit in the micro account.
- Islamic account option.
- Binary trading available through HY Options.
- 6 languages
- Fixed spreads so no commissions.
- A huge amount of trading educational resources.
- Offers various bonuses.
- Over 40 years of experience in trading.
- Market Maker broker
- Did away with their proprietary platform – PrimeTrader.
A well known and reputable Forex broker, HYCM has been in operation since 1999 online, but being a subsidiary of the Henyep Group, the experience goes even further back. Henyep was founded in 1977.
Just the fact that this broker has been in operation for such a long time gives traders a sense of security and trust. When visiting the HYCM website, you don’t see hype but rather straight forward talk about what this brokerage does.
As I said, HYCM is huge in Forex but also has CFD trading with a huge amount of assets.
HYCM is operated by Henyep Capital Markets UK Ltd in London, but also operates from Cyprus and also Hong Kong.
HYCM is a Market Maker broker which some traders do not like.
Leverages can climb as high as 400 to 1 at HYCM, and from what I see, there are very few complaints against this broker.
HYCM Trading Platforms
At a time not long ago, HYCM did offer their own proprietary trading platform but have since done away with that because of the ease and convenience of the Meta Trader 4 platform. It comes with a full array of charts and graphs along with analysis tools so you can make the wisest decisions in your trades.
Also, HYCM offers HYCM Mobile. This platform is designed for mobile users so you can trade anytime, anywhere. It is available for both Android and Apple devices and gives the trader the ability to fully manage their account and profile.
HYCM Trading Markets
HYCM offers investors a huge array of markets to trade is:
Forex – Euro vs U.S. Dollar, U.S. Dollar vs Bitcoin, British Pound vs Australian Dollar, and many, many more.
Stocks – 11 stocks to trade in.
Metals – 7 metals
Commodities – Cocoa, Coffee, Sugar and Cotton.
Oil and Gas – 3 trading possibilities.
Indices – and a huge range of various market indexes.
Depending on the account you have, leverages can jump as high as 400 to 1. You will have no problem finding assets to trade in.
HYCM Customer Support
One of the primary reasons that HYCM has operated with few complaints is from impeccable customer service. Their contact page gives customers multiple options.
- Live chat
- Emails
- Multiple phone numbers
HYCM Security & Fairness
All funds deposited by customers are kept in separate accounts and all banking done through the website uses the same encryption standards as does major banks.
In each of the primary locations where HYCM is operated from, the company gainfully sought licensing and regulation.
- HYCM is licensed and regulated by the United Kingdom’s Financial Conduct Authority (FCA)
- They are also licensed and regulated by the Cyprus CySEC
- And in Hong Kong, the SFC licensed HYCM
As such, HYCM follows regulations completely.
HYCM Summary
With this much experience and the fact that they are licensed and regulated by 3 entities, I would say that HYCM is a great choice of a trading broker.
There are various methods to deposit:
Do keep in mind that to follow all anti-money laundering regulations, HYCM must secure compliance documents before you can withdraw your profits.
Compliance documents will consist of:
- A copy of your government issued photo identification
- A recent utility bill showing your name and address
- and a copy of the credit card used with all but the last 4 numbers erased.
HYCM is committed to providing you an enjoyable and safe trading experience. Keep in mind that no matter what and how you trade, there is risk and when using leverages, you can lose more than you deposited.
So be wise when trading and I suggest taking advantage of the educational resources HYCM offers.
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